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Collection

HM Treasury equivalence and exemption determinations

Information related to the UK’s framework for equivalence and exemption determinations in financial services.

Updates to this page

From:
HM Treasury
Published:
17 October 2019
Last updated:
28 March 2022
Show all updates

  1. Exemption Order under Section 38 of the Financial Services and Markets Act 2000 in respect of Norges Bank is now in force added

  2. Updated with: Share trading obligation equivalence decision for Switzerland now in force.

  3. Added new documents: 'Guidance Document for the UK’s Equivalence Framework for Financial Services' and 'HM Treasury equivalence decisions for the EEA States – 9 November 2020'.

  4. Equivalence directions link added.

  5. First published.

This collection was withdrawn on

This collection page relates to assimilated EU law on equivalence, which has been repealed by the Financial Services and Markets Act 2023, subject to commencement. For current government publications, on Overseas Recognition Regimes, please refer to https://www.gov.uk/government/collections/financial-services-overseas-recognition-regimes

Following the UK’s departure from the EU, and the end of the transition period, the UK has inherited the EU’s equivalence framework under the EU (Withdrawal) Act 2018. Some EU financial services legislation enables the European Commission to determine that, in specified areas of financial services activity, a third country’s regulatory and supervisory regime is equivalent to the EU’s corresponding regime. Equivalence determinations can help to reduce or eliminate overlaps in regulatory and supervisory requirements, and can provide firms with improved prudential treatment. In some areas, equivalence determinations can also facilitate the cross-border exchange of services and products.

Under this legislation, HM Treasury is responsible for making equivalence and exemption determinations. The Financial Conduct Authority, Bank of England and the Prudential Regulation Authority are able to provide information or advice in support of HM Treasury’s equivalence and exemption assessments.

This page provides further information on the operation of the UK’s equivalence framework.

The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (S.I. 2019/541) provides powers for HM Treasury to make equivalence directions and exemption directions for the EU and EEA member states.

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